Buying your first home in Cyprus is a major milestone — but before you dive into listings and viewings, it’s important to understand the financial groundwork involved. From saving up your deposit to preparing your documents, here’s what every first-time buyer needs to know.
How much deposit do I need?
Most banks in Cyprus require a deposit of at least 20% for a primary residence. For investment properties or second homes, the required deposit can be as high as 30% or more. First-time buyers often aim for the minimum threshold — but saving more gives you better leverage.
Other costs you’ll need to budget for
In addition to the deposit, expect several extra expenses:
- Legal fees (usually 1%–2% of the purchase price)
- Stamp duty (between 0.15% and 0.20%)
- Mortgage setup and valuation fees
- Property transfer fees (which may be reduced or waived in some cases)
These costs can add thousands to your budget — so plan accordingly.
Understand your mortgage eligibility
Banks look at your income, employment status, existing debts, and credit history to determine how much they’re willing to lend. Most lenders offer between 3.5 and 5 times your gross annual income. A stable job and clean credit history are key to approval.
How to prepare financially
- Start saving early — even small monthly amounts add up
- Keep your bank accounts healthy
- Reduce credit card balances and avoid new debts
- Gather your documents: payslips, contracts, bank statements
Being financially prepared gives you confidence — and helps you move quickly when you find the right home.